Finance Plans: Can You Buy a Motorhome on Finance?

There’s no doubt that buying a motorhome is a big decision – one which can sometimes be daunting. However, we’re here to make the decision a little easier by helping you manage your finances. Unlike buying a car, it is much more common to finance a motorhome, and can be personalised to any budget.

Using finance for motorhomes has numerous advantages:

• If you don’t already have the cash and want to avoid overstretching yourself, you can pay monthly, which has the benefit of keeping you more comfortable financially, and able to maintain spending power in other areas of your life.
• The down payment on the vehicle is much less with finance than it is with a cash purchase.
• Motorhome finance is also available on used motorhomes, which makes them more affordable for everyone.

Auto Finance Online

Hire Purchase (HP)

• With HP, Auto Finance will buy and subsequently own your motorhome until the end of the financial agreement, at which point you will become the legal owner.
• Agree a deposit and a repayment period (which can be up to 10 years). A deposit of £0 may also be an option.
• Ensure that you are aged over 18 and have a suitable driving license before applying.

Their very own HP finance calculator, available at the bottom of each of our motorhome listings, will help you decide on your finance package. Simply add the cash price of the motorhome, your deposit and how long you want to borrow for. This is a really great tool with which to assess your options, as you can choose your deposit and borrowing duration, allowing you to keep more control over your general finances. Auto Finance have a 95% acceptance rate with applications, and there’s no need to worry if you have a smaller budget – there really is something for everyone.

Blackhorse Finance

Personal Contract Purchase (PCP)

• Like HP, PCP also involves Blackhorse purchasing your motorhome on your behalf. You then negotiate your deposit with Spinney and choose your annual mileage so that your monthly repayment amounts can be calculated.
• Lower monthly payments than HP – however, interest rates are higher. You will only own the motorhome outright if you make the final optional repayment at the end of your agreement. This final payment lowers the cost of monthly payments, but if you wish to own the motorhome outright, a larger payment is required at the end. If you choose not to make the payment, other options are available. You can either part exchange (so long as you have paid off your previous monthly payments in full) or return the vehicle (subject to the condition and mileage of the motorhome).
• PCP will particularly suit you if you want an upgraded motorhome in the near future, or if you would like to keep monthly payments as low as possible.
• Again, you must be over 18 and have the relevant driving license when signing up.

Buying a motorhome on finance is very simple. Take a look at the finance calculator and the policies offered by both providers. With interest rates likely to rise in line with inflation, now is a really great time to get started!